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Japan’s Nomura Q3 net profit drops 39% as pandemic-era trading boom slows -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Nomura Holdings logo is shown in Tokyo, Japan on December 1, 2015. REUTERS/Toru Hannai

TOKYO (Reuters), -Nomura Holdings Inc. Japan’s most important brokerage and investment bank announced Tuesday a 38.7% decrease in quarterly net profits as the pandemic-era trading boom waned.

The October-December profit was 60.3 billion Japanese yen (524.70 million), a decrease of 98.4 trillion yen one year ago.

Third quarter earnings were disappointing due to a slowerdown in global markets trading, which was a result of high trading activity driven a year back by massive cash injections by the Federal Reserve into capital markets.

But Nomura’s investment banking unit continued to thrive, partly offsetting the trading revenue drop, thanks to global waves of merger and acquisitions (M&As).

Nomura Greentech, a recently acquired boutique M&A advisor in clean tech, helped boost Nomura’s presence in the U.S. market.

The pre-tax income of Nomura’s wholesale division (which houses trading and investment banks businesses) fell 47% to 40.8 million yen in the same time period last year.

($1 = 114.9800 yen)

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